In a recent clip from Rollup TV's Stabled Up Episode 11, broadcast live from Buenos Aires, Luca Prosperi, CEO and co-founder of M0, shared his thoughts on the future of onchain foreign exchange (FX). If you're new to the term, onchain FX refers to currency exchange and cross-border payments happening directly on blockchain networks, bypassing traditional banking systems for faster, cheaper transactions.

Prosperi, who brings a wealth of experience from his days in Wall Street investment banking, didn't mince words: "I'm bearish short-term onchain FX." He explained that traditional FX markets are among the most liquid and efficient in the world, especially in major currency corridors like USD to EUR. These markets handle trillions daily with razor-thin spreads and instant settlements, thanks to decades of infrastructure.

But bringing that level of efficiency onchain? Not so fast, according to Prosperi. "We're gonna get there, but first we need to bring the stuff onchain that we need to build new primitives," he said. Primitives here mean the basic building blocks of blockchain tech—like scalable layer-2 solutions, secure oracles for real-world data, and interoperable protocols that let different chains talk to each other seamlessly.

M0 itself is at the forefront of this evolution. Founded by Prosperi and Gregory Di Prisco, M0 is a decentralized protocol designed as "money middleware for the digital age." It enables institutions to issue and manage stablecoins—digital dollars backed by real assets—on a universal platform. Earlier this year, M0 raised $40 million in a Series B round led by Polychain and Ribbit Capital, signaling strong investor confidence in their vision to rewire the financial system. As Prosperi has noted in other interviews, M0 aims to stay "behind the scenes," powering various forms of digital dollars without being the front-facing brand.

This clip comes from Stabled Up, a podcast series by The Rollup that dives deep into stablecoins and related tech. Hosted by Andy and Robbie, the show has featured guests like Sam Kazemian of Frax Finance and Cody Carbone from the Digital Chamber, discussing everything from regulatory wins to trillion-dollar opportunities in crypto. The live Buenos Aires episode with Prosperi highlights the global push for better onchain money systems, especially in regions like Latin America where currency volatility is a daily reality.

Why does this matter for meme token enthusiasts? Well, stablecoins are the unsung heroes of the crypto world. They provide the liquidity and stability that let wild meme rides happen without everything crashing into chaos. As onchain FX matures, it could open doors for meme tokens to integrate with real-world economies, like seamless swaps between your favorite dog-themed coin and fiat currencies.

For the full context, check out the original tweet from The Rollup. And if you're curious about M0's tech, head over to their research blog for deep dives into digital money.

Prosperi's take is a reminder that while crypto moves fast, building robust financial infrastructure takes time. Short-term hype might lead to disappointments, but the long game looks promising as projects like M0 lay the groundwork.